Drives greater affordability and connectivity with customers and their health care providers, while making health care simpler

Creates an expanded portfolio of health services with greater choice, alignment and value across a proven services platform

Expands distribution of health services for employers, health plans and government agencies

Delivers first year double digit earnings per share accretion and enhances Cigna’s revenue and earnings growth

BLOOMFIELD, Conn. & ST. LOUIS, 08 March, 2018 - Cigna Corporation (NYSE: CI) and Express Scripts Holding Company
(NASDAQ: ESRX) today announced that they have entered into a definitive
agreement whereby Cigna will acquire Express Scripts in a cash and stock
transaction valued at approximately $67 billion, including Cigna's
assumption of approximately $15 billion in Express Scripts debt. The
merger consideration will consist of $48.75 in cash and 0.2434 shares of
stock of the combined company per Express Scripts share. The transaction
was approved by the board of directors of each company.

“Cigna’s acquisition of Express Scripts brings together two
complementary customer-centric services companies, well-positioned to
drive greater quality and affordability for customers,” said David M.
Cordani, President and Chief Executive Officer of Cigna. “This
combination accelerates Cigna’s enterprise mission of improving the
health, well-being and sense of security of those we serve, and in turn,
expanding the breadth of services for our customers, partners, clients,
health plans and communities. Together, we will create an expanded
portfolio of health services, delivering greater consumer choice, closer
alignment between the customer and health care provider, and more
personalized value. This combination will create significant benefits to
society and differentiated shareholder value.”

“First and foremost, we believe this transaction delivers attractive
value to the Express Scripts shareholders" said Tim Wentworth, President
and Chief Executive Officer of Express Scripts. Regarding the
combination of Cigna and Express Scripts, Mr. Wentworth noted,
"Together, our two organizations will help make the healthiest choices
the easiest choices, putting health and pharmacy services within reach
of everyone we serve. Adding our company's leadership in pharmacy and
medical benefit management, technology-powered clinical solutions, and
specialized patient care model to Cigna’s track record of delivering
value through innovation, we are positioned to transform healthcare. We
will continue to have a distinct focus at Express Scripts and eviCore on
partnering with health plans, and together, build tailored solutions for
health plans and their members. Importantly, this agreement is a
testament to the work of our team and their resolute focus on providing
the best care to patients, and the most value to clients.”

Compelling Strategic Benefits

Expanded Consumer Choice. Offering a full suite of medical,
behavioral, specialty pharmacy and other health engagement services
accessible across a wide array of retail and online distribution
channels, providing optionality for all customers. This will position
the combined company to deliver superior services, responding fully to
the dynamic needs of our customers and clients, which will drive
long-term value creation for shareholders.

Patient-Provider Alignment. Using a broad and proven network of
delivery system partnerships to drive the combined company’s role as
the connective tissue between individuals and their health care
providers, providing a more coordinated approach to an individual’s
health care journey, reducing complexity and creating better outcomes.

Under the terms of the definitive agreement, the transaction
consideration will consist of $48.75 in cash and 0.2434 shares of stock
of the combined company per Express Scripts share, or $54 billion in the
aggregate. Upon closing of the transaction, Cigna shareholders will own
approximately 64% of the combined company and Express Scripts
shareholders will own approximately 36%. The consideration represents an
approximately 31% premium to Express Scripts’ closing price of $73.42 on
March 7, 2018.

Upon closing, the combined company will be led by David M. Cordani as
President and CEO. Tim Wentworth will assume the role of President,
Express Scripts. The combined company’s board will be expanded to 13
directors, including four independent members of the Express Scripts
board.

The combined company will be named Cigna. Cigna's headquarters in
Bloomfield, Connecticut, will become the headquarters for the combined
company, and Express Scripts will be headquartered in St. Louis,
Missouri. At closing, the combined company will make an incremental
investment of $200 million in its charitable foundation, to support the
communities in which it operates, and with the continued focus on
improving societal health.

Financing, Closing and Approvals

Cigna intends to fund the cash portion of the transaction consideration
through a combination of cash on hand, assumed Express Scripts debt and
new debt issuance and Cigna has obtained fully committed debt financing
from Morgan Stanley Senior Funding, Inc. and The Bank of
Tokyo-Mitsubishi UFJ, Ltd. The transaction is not subject to a financing
condition. Upon completion of the transaction, Cigna is expected to have
debt of approximately $41.1 billion. Cigna expects to have a
debt-to-capitalization ratio of approximately 49% following the
acquisition, and aims to achieve a ratio in the 30’s within 18 to 24
months after the transaction closes. Cigna expects to maintain its
investment grade ratings.

The transaction, which is expected to be completed by December 31, 2018,
is subject to the approval of Cigna and Express Scripts shareholders and
the satisfaction of customary closing conditions, including applicable
regulatory approvals. Until the closing, Cigna and Express Scripts will
continue to operate as independent companies.

Cigna Corporation (NYSE: CI) is a global health service company
dedicated to helping people improve their health, well-being and sense
of security. All products and services are provided exclusively by or
through operating subsidiaries of Cigna Corporation, including
Connecticut General Life Insurance Company, Cigna Health and Life
Insurance Company, Life Insurance Company of North America and Cigna
Life Insurance Company of New York. Such products and services include
an integrated suite of health services, such as medical, dental,
behavioral health, pharmacy, vision, supplemental benefits, and other
related products including group life, accident and disability
insurance. Cigna maintains sales capability in 30 countries and
jurisdictions, and has more than 95 million customer relationships
throughout the world. To learn more about Cigna®, including links to
follow us on Facebook or Twitter, visit www.cigna.com

About Express Scripts

Express Scripts puts medicine within reach of tens of millions of people
by aligning with plan sponsors, taking bold action and delivering
patient-centered care to make better health more affordable and
accessible.

Information included or incorporated by reference in this communication,
and information which may be contained in other filings with the
Securities and Exchange Commission (the “SEC”) and press releases or
other public statements, contains or may contain forward-looking
statements. These forward-looking statements include, among other
things, statements of plans, objectives, expectations (financial or
otherwise) or intentions.

Forward-looking statements, including as they relate to Express Scripts
(“Express Scripts”) or Cigna (“Cigna”), the management of either such
company or the transaction, involve risks and uncertainties. Actual
results may differ significantly from those projected or suggested in
any forward-looking statements. Express Scripts and Cigna do not
undertake any obligation to release publicly any revisions to such
forward-looking statements to reflect events or circumstances occurring
after the date hereof or to reflect the occurrence of unanticipated
events. Any number of factors could cause actual results to differ
materially from those contemplated by any forward-looking statements,
including, but not limited to, the risks associated with the following:

the inability of Express Scripts and Cigna to obtain stockholder or
regulatory approvals required for the merger or the requirement to
accept conditions that could reduce the anticipated benefits of the
merger as a condition to obtaining regulatory approvals;

a longer time than anticipated to consummate the proposed merger;

problems regarding the successful integration of the businesses of
Express Scripts and Cigna;

unexpected costs regarding the proposed merger;

diversion of management’s attention from ongoing business operations
and opportunities;

potential litigation associated with the proposed merger;

the ability to retain key personnel;

the availability of financing;

effects on the businesses as a result of uncertainty surrounding the
proposed merger; and

the industry may be subject to future risks that are described in SEC
reports filed by Express Scripts and Cigna.

You should carefully consider these and other relevant factors,
including those risk factors in this communication and other risks and
uncertainties that affect the businesses of Express Scripts and Cigna
described in their respective filings with the SEC, when reviewing any
forward-looking statement. These factors are noted for investors as
permitted under the Private Securities Litigation Reform Act of 1995.
Investors should understand it is impossible to predict or identify all
such factors or risks. As such, you should not consider either foregoing
lists, or the risks identified in SEC filings, to be a complete
discussion of all potential risks or uncertainties.

IMPORTANT INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT

This communication does not constitute an offer to buy or solicitation
of an offer to sell any securities. In connection with the proposed
transaction, the newly formed company which will become the holding
company following the transaction (“Holdco”)” intends to file with the
SEC a registration statement on Form S-4 that will include a joint proxy
statement of Cigna and Express Scripts that also constitutes a
prospectus of Holdco. Cigna and Express Scripts also plan to file other
relevant documents with the SEC regarding the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may obtain a free
copy of the joint proxy statement/prospectus (if and when it becomes
available) and other relevant documents filed by Holdco, Cigna and
Express Scripts with the SEC at the SEC’s website at www.sec.gov.
Copies of documents filed with the SEC by Cigna will be available free
of charge on Cigna’s website at www.Cigna.com
or by contacting Cigna’s Investor Relations Department at (215)
761-4198. Copies of documents filed with the SEC by Express Scripts will
be available free of charge on Express Scripts’ website at www.express-scripts.com
or by contacting Express Scripts’ Investor Relations Department at (314)
810-3115.

PARTICIPANTS IN THE SOLICITATION

Cigna (and, in some instances, Holdco) and Express Scripts and their
respective directors and executive officers may be deemed to be
participants in the solicitation of proxies in respect of the proposed
transaction under the rules of the SEC. Investors may obtain information
regarding the names, affiliations and interests of directors and
executive officers of Cigna (and, in some instances, Holdco) in Cigna’s
Annual Report on Form 10-K for the year ended December 31, 2017, which
was filed with the SEC on February 28, 2018, and its preliminary proxy
statement for its 2018 Annual Meeting, which was filed with the SEC on
March 2, 2018. Investors may obtain information regarding the names,
affiliations and interests of Express Scripts ’s directors and executive
officers in Express Scripts’ Annual Report on Form 10-K for the year
ended December 31, 2017, which was filed with the SEC on February 27,
2018, and its proxy statement for its 2017 Annual Meeting, which was
filed with the SEC on March 17, 2017. You may obtain free copies of
these documents at the SEC’s website at www.sec.gov,
at Cigna’ website at www.Cigna.com
or by contacting Cigna’ Investor Relations Department at (215) 761-4198.
Copies of documents filed with the SEC by Express Scripts will be
available free of charge on Express Scripts’ website at www.express-scripts.com
or by contacting Express Scripts’ Investor Relations Department at (314)
810-3115. Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect interests,
by security holdings or otherwise, will be contained in the joint proxy
statement/prospectus and other relevant materials to be filed with the
SEC regarding the proposed transaction if and when they become
available. Investors should read the joint proxy statement/prospectus
carefully and in its entirety when it becomes available before making
any voting or investment decisions.

NO OFFER OR SOLICITATION

This communication is for informational purposes only and not intended
to and does not constitute an offer to subscribe for, buy or sell, the
solicitation of an offer to subscribe for, buy or sell or an invitation
to subscribe for, buy or sell any securities or the solicitation of any
vote or approval in any jurisdiction pursuant to or in connection with
the proposed transaction or otherwise, nor shall there be any sale,
issuance or transfer of securities in any jurisdiction in contravention
of applicable law. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, and otherwise in accordance with applicable law.

Employment with Cigna, including employment within the LDP program, is at-will; that is, it is not for a specified period of time and can be terminated at any time for any reason, with or without cause or notice, by me or by Cigna. LDP programs, policies and processes may be changed by Cigna at any time.

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